Consider the following general ledger and bank statement for Meena Salon. Account: Cash Date Feb 1...
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Consider the following general ledger and bank statement for Meena Salon. Account: Cash Date Feb 1 Feb 4 Feb 9 Feb 11 Feb 14 Feb 20 Feb 28 Explanation Feb 4 Feb 9 Opening balance Jimmy Supplies-cheque #652 HitHit Supplies-cheque #653 Steve Jackson Inner Beauty Inc-cheque #654 CIG Ltd-cheque #655 Deposit Date Explanation Feb 1 Opening balance Cheque #652 Cheque #653 Bank Statement Feb 9 EFT - Monthly Rent Feb 11 Steve Jackson Feb 11 NSF cheque Feb 11 NSF charge Feb 14 Cheque #654 Feb 21 Cheque # 2852 Feb 28 Service charges Feb 28 Interest on bank account Debit Credit 380 2,600 480 930 1,150 480 930 380 36 568 2,700 35 685 1,000 Withdrawal Deposit Balance 8,600 380 GL. No. 101 Balance 30 8,600 DR 8,120 DR 7,190 DR 7,570 DR 6,885 DR 5,885 DR 8,485 DR 8,120 7,190 6,040 6,420 6,040 6,004 5,436 2,736 2,701 2,731 Additional Information 1. On Feb 14, Meena Salon purchased $568 worth of salon supplies from Inner Beauty Inc. 2. The salon's cheque numbers are always three-digits in length. They did not issue Cheque #2852. Required a) Prepare a bank reconciliation for Meena Salon on February 28, 2019. b) Prepare the necessary journal entries. Do not enter dollar signs or commas in the input boxes. Do not use negative signs. Select the proper order for the headings of the Bank Reconciliation. Cash balance per bank statement Add Deduct + Adjusted bank balance • Do not enter dollar signs or commas in the input boxes. Cash balance per books Add Deduct • Adjusted book balance • Do not enter dollar signs or commas in the input boxes. Account Title and Explanation Date 2019 Feb 28 Feb 28 Feb 28 Feb 28 Feb 28 Feb 28 Correct error on cheque #654 • Record interest earned for the month of February Record EFT-monthly rent • Record NSF cheque returned by bank Record NSF charges from bank • Record service charges for the month of February Debit Credit Consider the following general ledger and bank statement for Meena Salon. Account: Cash Date Feb 1 Feb 4 Feb 9 Feb 11 Feb 14 Feb 20 Feb 28 Explanation Feb 4 Feb 9 Opening balance Jimmy Supplies-cheque #652 HitHit Supplies-cheque #653 Steve Jackson Inner Beauty Inc-cheque #654 CIG Ltd-cheque #655 Deposit Date Explanation Feb 1 Opening balance Cheque #652 Cheque #653 Bank Statement Feb 9 EFT - Monthly Rent Feb 11 Steve Jackson Feb 11 NSF cheque Feb 11 NSF charge Feb 14 Cheque #654 Feb 21 Cheque # 2852 Feb 28 Service charges Feb 28 Interest on bank account Debit Credit 380 2,600 480 930 1,150 480 930 380 36 568 2,700 35 685 1,000 Withdrawal Deposit Balance 8,600 380 GL. No. 101 Balance 30 8,600 DR 8,120 DR 7,190 DR 7,570 DR 6,885 DR 5,885 DR 8,485 DR 8,120 7,190 6,040 6,420 6,040 6,004 5,436 2,736 2,701 2,731 Additional Information 1. On Feb 14, Meena Salon purchased $568 worth of salon supplies from Inner Beauty Inc. 2. The salon's cheque numbers are always three-digits in length. They did not issue Cheque #2852. Required a) Prepare a bank reconciliation for Meena Salon on February 28, 2019. b) Prepare the necessary journal entries. Do not enter dollar signs or commas in the input boxes. Do not use negative signs. Select the proper order for the headings of the Bank Reconciliation. Cash balance per bank statement Add Deduct + Adjusted bank balance • Do not enter dollar signs or commas in the input boxes. Cash balance per books Add Deduct • Adjusted book balance • Do not enter dollar signs or commas in the input boxes. Account Title and Explanation Date 2019 Feb 28 Feb 28 Feb 28 Feb 28 Feb 28 Feb 28 Correct error on cheque #654 • Record interest earned for the month of February Record EFT-monthly rent • Record NSF cheque returned by bank Record NSF charges from bank • Record service charges for the month of February Debit Credit
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Answer rating: 100% (QA)
1A Bank Reconciliation for Meena Salon on February 28 2019 Withdrawals Cheque 652 480 Cheque 653 930 EFTMonthly Rent 1150 Steve Jackson 380 NSF charge ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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